I skipped the CC. I assume it was the usual, "ummm... aahhh... we don't give that out... we don't share that..."

On the Yahoo board I see one of the bulls posted:

"another terrible conference call from Z and management. zelnick sounds like a broken record with his usual B S. he wouldnt even give a tiny bit of color on the new mystery AAA title from 2k. I am so sick of that #$%$, it is a game company not the pentagon"

Another commented that Z would not confirm GTAV dlc. Is it dead money until RDR2 is confirmed, or more specifically, when the insiders who know it's coming start bidding the stock up ahead of its reveal?

It was a waste of time. The company needs another hostile takeover attempt, this time in the mid 30's. EA's timing was silly being right before GTA4. Now is the time to strike. To EA or ATVI, TTWO is worth $50. They are averaging $2 a year with $10 cash. But on the open market, this management is a complete failure at communicating their value.

We probably need to subtract long term debt (due in next few years) from the cash.

Imagine if the company still had the same share count as before Z took over. The eps would probably be nearly 50% higher.

I think the debt is erased if the shares are converted, and since eps is based on 'if converted' we can factor out debt. I haven't recently studied the convertibles beyond that. The bigger wildcard for me are the continued royalties to Rockstar management hidden in the balance sheet.